If a fast food restaurant was one of many hiring workers, the minimum wage was $7.25 an hour, and it was paying $8.00 an hour to attract workers, a cut in the minimum wage to $5.00 an hour would cause them to
A. lower their offering wage to $5.00 an hour.
B. do nothing differently.
C. pay $7.25.
D. raise their offering wage to $9.00 an hour.
Answer: B
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The above figures show the market for gasoline. Which figure shows the effect of motorists increasing the number of times they take the bus to work rather than driving their own cars?
A) Figure A B) Figure B C) Figure C D) Figure D
What is the policy trilemma?
What will be an ideal response?
Individuals conscripted into military service _____
a. are forced to work for less than the market wage b. bear a heavy tax burden c. are not necessarily those with a comparative advantage in being a soldier d. all of the above
If the disposable income rose to $100,000, what would the level of consumption expenditure rise to?
a. $80,000
b. $91,000
c. $96,000
d. $100,000